Chiyoda Announces Revisions to Forecasts of Financial Results.YOKOHAMA Yokohama (yō'kōhä`mä), city (1990 pop. 3,220,331), capital of Kanagawa prefecture, SE Honshu, Japan, on the western shore of Tokyo Bay. , Japan -- Chiyoda Corporation today announced the following revisions to its forecasts of financial results and dividends that were announced on May 13, 2009. [TABLE OMITTED] [TABLE OMITTED] 3. Reasons for revisions to the financial results forecast Revenues for the first half have been affected by delays in progress of certain projects. These delays are expected to be resolved by the end of the fiscal year. The Company also expects lower Operating Income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. and other income accounts in connection with measures taken to leverage more resources in terms of construction workers, including hiring new construction subcontractors. These measures have been taken for Qatargas Qatargas is a natural gas company in Qatar. It has offshore natural gas production, which supplies the LNG plant in Ras Laffan, which has three operation LNG trains. The company was established in 1984 and the shareholders of the company are Qatar Petroleum, ExxonMobil, Total, 3&4 Train 6/7 in order to catch up the construction delays caused by lower-than-expected productivity and to maintain the agreed completion time in the next period. Chiyoda also revised the exchange rate assumption used for the above forecasts from 95 yen to the U.S. dollar, as of the May 13, 2009 announcement of consolidated financial results, to 90 yen to the U.S. dollar. [TABLE OMITTED] 5. Reasons for the revisions to the dividend forecast The Company has set a dividend payout ratio Dividend Payout Ratio The percentage of earnings paid to shareholders in dividends. Calculated as: target of 30% of consolidated Net Income. Dividends were initially projected at 6 yen per share for the fiscal year ended March 2010. However, a forecast of lower Net Income has resulted in the Company revising the full-year dividend downward to 3 yen per share. 6. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. The forecasts and plans in this announcement are based on information available to management on October October: see month. 23, 2009, the date these materials were prepared. Actual results may differ significantly from these forecasts due to a number of factors, including but not limited to changes in economic conditions and operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. in Japan and overseas. We strongly request you not to rely only on this forecast in making investment decisions. |
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